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Can I get a car loan for a Honda Civic if I'm a college student with little credit history?
"I'm a 20-year-old college student and I have a limited credit history, but my score is 750. I want to get a car loan for about $10,000 so I can get to work. Is this possible?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Sure, you can get a car loan because you have a good credit score. However, you’re probably going to pay a high interest rate on the loan.
Plus, you need to factor in the cost of
car insurance
, gas, and maintenance. When you add it all up, you’ll probably be paying double what the car note is.Instead, you should consider just saving up money and paying cash for a cheaper vehicle. It’s a more savvy financial move and you’ll thank yourself later.”
View full answer
- Gregory R.
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